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In 2023, Nigeria received the highest payments from Shell in the form of production entitlements, royalties, taxes, and fees to the government, amounting to $4,92 billion, the highest figure recorded in four years.

In 2023, Nigeria received the highest payments from Shell in the form of production entitlements, royalties, taxes, and fees to the government. Shell has made a total payment of US$29,51 billion to governments across 27 countries.

After Nigeria, Oman and Norway were the second and third highest recipients, receiving payments of US$4,09 billion and US$3,81 billion, respectively.

In 2023, Shell made a total payment of US$29,51 billion to governments across 27 countries.

After Nigeria, Oman and Norway were the second and third highest recipients, receiving payments of US$4,09 billion and US$3,81 billion, respectively.

The payout to Nigeria increased by 8,85 per cent compared to the previous year, representing 16,67 per cent of the company’s total payments to 26 countries, new data released by Shell shows.

Africa’s largest oil producer lost the top position in 2021 when Norway received the largest amount of about $4.52 billion compared to the US$4,48 billion paid to the West African country.

In 2022, Nigeria further dropped to become the third-biggest recipient of payments from the British oil giant, although the amount paid to it rose by 0,92 per cent to US$4,52 billion. The company’s payment to the country reached a peak of US$6,39 billion in 2018 but declined to US$5,63 billion in 2019 and US$3,24 billion in 2020. – Business Insider Africa

Shell’s payments to countries where it has operations declined 14,11 per cent year-on-year to US$29,52 billion last year as its annual profit dropped 30 per cent compared to its highest-ever earnings of US$39,9 billion notched in 2022.

It said in its latest report that payments made to governments arose “from activities involving the exploration, prospection, discovery, development and extraction of minerals, oil and natural gas deposits or other materials (extractive activities)”.

Its subsidiaries in Nigeria paid US$3,46 billion to the Nigerian National Petroleum Company (NNPC) last year as production entitlement, US$587,64 million was paid in taxes to the Federal Inland Revenue Service.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) was paid about US$727,85 million and US$1,73 million for royalties and fees respectively, while US$139,99 million was remitted to the Niger Delta Development Commission.

Shell also paid US$4,28 million to the National Agency for Science and Engineering Infrastructure and US$85,890 to the Nigeria Police Trust Fund.

Earlier this year, Shell Nigeria reportedly sold its onshore oil business for US$2,4 billion. However, the oil multinational noted that it would still maintain its presence in Africa’s largest market, despite selling its onshore business in the Niger Delta. Business Insider Africa